National Housing Outlook

NEW RESIDENTIAL CONSTRUCTION IN OCTOBER 2014
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for October 2014:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,080,000.  This is 4.8 percent (±1.3%) above the revised September rate of 1,031,000 and is 1.2 percent (±1.2%) above the October 2013 estimate of 1,067,000.
Single-family authorizations in October were at a rate of 640,000; this is 1.4 percent (±1.2%) above the revised September figure of 631,000.  Authorizations of units in buildings with five units or more were at a rate of 406,000 in October.
HOUSING STARTS Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,009,000.  This is 2.8 percent (±10.0%)* below the revised September estimate of 1,038,000, but is 7.8 percent (±8.7%)* above the October 2013 rate of 936,000.
Single-family housing starts in October were at a rate of 696,000; this is 4.2 percent (±8.8%)* above the revised September figure of 668,000.  The October rate for units in buildings with five units or more was 300,000.
HOUSING COMPLETIONS Privately-owned housing completions in October were at a seasonally adjusted annual rate of 881,000.  This is 8.8 percent (±14.7%)* below the revised September estimate of 966,000, but is 8.1 percent (±13.0%)* above the October 2013 rate of 815,000.
Single-family housing completions in October were at a rate of 585,000; this is 7.4 percent (±9.5%)* below the revised September rate of 632,000.  The October rate for units in buildings with five units or more was 289,000.
New Residential Construction data for November 2014 will be released on Tuesday, December 16, 2014, at 8:30 A.M. ES

NEW RESIDENTIAL SALES IN SEPTEMBER 2014


Sales of new single-family houses in September 2014 were at a seasonally adjusted annual rate of 467,000, according toestimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.2 percent (±15.7%)* above the revised August rate of 466,000 and is 17.0 percent (±20.6%)* above the September 2013estimate of 399,000.
The median sales price of new houses sold in September 2014 was $259,000; the average sales price was $313,200. Theseasonally adjusted estimate of new houses for sale at the end of September was 207,000. This represents a supply of 5.3 months at the current sales rate.

Third Quarter Naples Area Results



Overall closed sales increased in two of the five price segments, $300,000 to $500,000 and $1 million to $2 million, as well.”
The NABOR® 3rd Quarter 2014 Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® 3rd Quarter 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
• Pending sales of single family homes over $2 million increased 26 percent from 43 in 3rd quarter 2013 to 54 3rd quarter 2014.
• Pending sales of condominiums between $1 million and $2 million increased 29 percent from 38 in 3rd quarter 2013 to 49 in 3rd quarter 2014.
• Overall closed sales in the $300,000 to $500,000 category increased 13 percent from 398 in 3rd quarter 2013 to 451 in 3rd quarter 2014.
• Overall closed sales in the $1 million to $2 million category increased 14 percent from 91 in 3rd quarter 2013 to 104 in 3rd quarter 2014.
• Overall median closed price increased 13 percent from $234,000 in 3rd quarter 2013 to $265,000 in 3rd quarter 2014.
• Overall median home price of homes over $300,000 decreased 7 percent from $530,000 in 3rd quarter 2013 to $493,000 in 3rd quarter 2014.
• Overall inventory decreased 9 percent from 4,080 homes in 3rd quarter 2013 to 3,702 homes in the 3rd quarter of 2014.
• Overall inventory of single family homes in the $300,000 to $500,000 market increased 15 percent from 422 in 3rd quarter 2013 to 487 in 3rd quarter 2014.
According to Kathy Zorn, broker/owner at Florida Home Realty, “Homes priced under $300,000 may make up over 60 percent of our market but this is not our entire market. In fact, the 3rd quarter report showed an increase in inventory of single family homes in the combined price categories above $300,000, which accounts for 1,564 homes or 42% of the overall 3rd quarter inventory.
NABOR® also released its September 2014 Market Report, which revealed the following:
• Overall pending sales increased 2 percent from 810 in September 2013 to 829 pending in September 2014.
• Overall closed sales decreased 3 percent from 9,919-in the 12-months ending September 2013 to 9,585 closed sales in the 12-months ending September2014.
• Overall median closed price increased 14 percent from $230,000 in the 12-months ending September2013 to $262,000 in the 12-months ending September2014.
• Overall inventory decreased 9 percent from 4,080 in September 2013 to 3,702 in September 2014.
Broker analysts agree that new construction within the last year is a welcome addition to the Collier County housing market.
With guidance from a local REALTOR®, buyers can discover opportunities and ensure their sale or purchase is a success within both the new home and resale markets.
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics

Sales down, inventory held steady in typical September slow month.

September sales were 14 residences and the inventory as of September 30 was 87 listing.  The average days on the market (DOM) for the sales was 91 days, average sale to listing price was 93.35% with the highest at 100% and lowest at 82.56%.   Average sales price was $1,663,571 and the median was $1,118,750, we had 9 of 14 sales over one million and one at 6 million which skewed these results.  The next blog will have rolling 3 month and third quarter results, which should give us more realistic view of  Pelican Bay. 

Low Inventory Impacts Market Contacts: Pat Pitocchi, NABOR President & Media Relations Committee Chairman, (239) 398-8650,         Marcia Albert, NABOR Director of Marketing, (239) 597-1666 Naples, Fla. (September 19, 2014) - "We can't sell what's not there," was a phrase repeated among several brokers as they analyzed a recent report tracking August home sales activity released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Overall inventory dropped 20 percent in the $300,000 and below price category in August 2014 compared to August 2013. The median price in this price category rose 13 percent as a result. The pending and closed sales dropped double digits in the same price segment August 2014 compared to August 2013, factors that illustrate the economic law of supply and demand. Low inventory was also a strong factor in the decrease of pending and closed sales activity in the Naples Beach area condominium market. This much-sought after location experienced a 28 percent decrease in available inventory from 571 condominiums to 409 condominiums in August 2014 compared to August 2013. The low inventory contributed to the 31 percent decrease in pending sales and 23 percent decrease in closed sales of condominiums in this area. And, the median closed price in this area increased 7 percent from $495,000 in the 12-months ending August 2013 to $530,000 in the 12-month ending August 2014. "I thought we had seen the top of this economic cycle a year ago," said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., referring to unpredictable activity in certain areas within Collier County. "Our local market is extremely diverse. For example, in Pelican Bay there is a three month inventory of single family homes for sale, but if you are looking to buy a Crayton Road area condo in the $2 to $3 million price range, you'd better be ready with a checkbook because there are only two listings." Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, pointed out that the report also showed financed sales had increased 30 percent since NABOR® starting tracking overall cash versus conventional (financed) sales in January 2013. "We are starting to see an increase in the number of homes being financed by qualified buyers." The NABOR® August 2014 Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® August 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: Overall pending sales decreased 11 percent from 890 homes in August 2013 to 795 homes in August 2014. Overall closed sales decreased 2 percent from 9,798 homes in the 12-months ending August 2013 to 9,613 homes in the 12-months ending August 2014. The overall median closed price increased 14 percent from $228,000 in 12-months ending August 2013 to $260,000 in the 12-months ending August 2014. Overall inventory decreased 8 percent from 3,875 in August 2013 to 3,579 in August 2014. Average days on market were 83 for August 2014. Inventory for single family homes increased 1 percent from 1,894 homes in August 2013 to 1,904 homes in August 2014. The largest increase was in the $300,000 - $500,000 price category, which saw a 12 percent increase. Closed sales for condominiums decreased 1 percent from 5,137 condominiums in August 2013 to 5,066 condominiums in August 2014. Several brokers agreed with Phil Wood, President & CEO of John R. Wood Realtors, who said, "We'll have to see if the low inventory will continue to be a trend in the coming months." The August report reflects inconsistent activity across all geographic areas making it difficult to predict whether the low inventory will continue to affect pending and closed sales moving forward. Additionally, another factor not tracked in the report but one that impacts pending homes sales is new construction, which continues to swell in the area. However, the rising inventory of newly constructed homes will not help those buyers looking for homes in the under $300,000 price category because there are few available. "This is a very diverse market with a diminishing inventory in the reasonably priced housing sector," said NABOR® President and Corporate Trainer at Downing-Frye Realty Pat Pitocchi. "The increase in median closed price continues to be driven by the under $300,000 market, which comprises nearly 65 percent of existing home inventory. In August, the under $300,000 price segment's overall median closed price increased 13 percent, while all other price categories moved slightly up or down. It's the only area of the market whose median closed price behavior is predictable."

Naples:

A study by Forbes Magazine using data from Moody's Analytics ranked the Naples area No. 1 out of 200 of the largest metros, with an expected job growth rate of 4.1% annually through 2016.

Pelican Bay:

As of 9/15 Pelican Bay had 86 listing for sale an inventory of 1.38% of total residences.  Pending Sales of 32 represented a still low 2.68 month ratio to listings. 

Kayaks and canoes, tennis and golf, these are some of the amenities that my fellow denizens at Pelican Bay know so well.  We know that Pelican Bay is a unique community however NABOR, (Naples Board of Realtors) lumps us in with other zip codes, this blog is created to inform current residents and prospective buyers with current and trending statistics in Pelican Bay.

Pelican Bay:

August statistics are in, we had a total of 23 sales in Pelican Bay with an average sales price of $762,903 down from 28 sales in July with an average price of $1,227,919. The median price in August was $562,000 and that was down from $982,500. August was skewed upward due to 6 homes sold for over 2 million and one at over 5 million.  The average days on the market (DOM) was 127 days in August versus a similar 121 days in July. The average sale to Listing Price was 95.51% , we had 2 sales that were at the Listing Price and one over 100%, lowest  was at 86%.